Online fashion retailer Asos claimed a 37% revenue increase in the last quarter to 2013 thanks to data insights that helped structure its pricing competitively, the brand has said.

Asos has signed up for 200 of its fashion buyers to receive access to Editd, a London startup which aggregates fashion trend and retail information from retail sites, industry mood boards, social media and trend blogs.

Asos has doubled its subscription to the service following an 18-month experiment, but announced today that Editd's information on pricing has helped drive revenues and a 33% increase in sales.

Editd’s chief executive Geoff Watts told The Guardian that the startup's real value came from helping buyers make informed decisions grounded in data.

"Retail on a basic level is all about buying the right things, so getting that right and making sure you’re selling the right product at the right price is really what dictates your success," Watts said.

"Our product is all about helping people make those decisions," he added.

An accessible front-end allows buyers to compare the brands that are performing well as well as look at price-points for specific trends. Photograph: Editd

Although Asos aren't its biggest client – Editd also works with the likes of Target and Gap – Watts speaks glowingly about the online fashion retailer that is "exploring new technologies and giving things a try."

Watts said: "If you think about where they’re growing in the market, how they’re perceived and the kind of work they’re doing, they were one of the organisations we wanted to work with."

This is echoed by Asos' retail director Maria Hollins, who stressed the importance of making the right decisions faster than their competitors.

“At ASOS, being first for fashion means being always competitive and having just the right assortment," she said. "We're using Editd every day to help us make critical buying and trading decisions”.

Watts, a programmer, and co-founder Julia Fowler, a fashion designer, founded Editd in 2009 and moved from Australia to launch the company.

Watts played down the significance of social media as sparking new trends – trends have "always come from the streets as much as they have come from labels" – but added that social media had made the process quicker and also allowed people around the world to create communities and connect around similar fashion styles.

Fashion buyers can choose to make their decisions based on a number of data points, including analysing by price points or brands. Photograph: Editd

Editd also believe that its success is down to giving its customers insights into the latest trends in real-time, with buyers also able to receive alerts.

Fowler said that real-time analysis "not only helps them understand ever-changing demand, but [companies] can now significantly reduce wastage by making less mistakes in pricing and assortment, and therefore maintaining and accelerating their growth and overseas expansion."

Using this information, buyers can look at trends from other companies also. When did their competitor launch sales in the past and what kind of styles and brands are selling the best?

This combined allows retailers to buy items that their customers want before then selling it as a price that isn't undercut by competitors.

Fashion and technology is a growing trend

Editd isn't the only company looking towards technology to enhance the retail experience. During their 2012 London fashion week show, Topshop partnered with Facebook to allow online users to customise clothes that appeared on the catwalk.

The aim, according to Topshop's chief marketing officer, was to "take the energy and the excitement of our iconic Oxford Street store to millions of people all over the world through Topshop.com."